NEW: Aptos CEO faces billion dollar lawsuit by Glazer family member over equity By LHM1
Shari Glazer and her firm Swoon Capital are seeking up to $1 billion from Mo Shaikh, the CEO and co-founder of Matonee, also known as Aptos Labs.
Shari Glazer and her firm Swoon Capital are seeking up to $1 billion from Matonee, also known as Aptos Labs, according to aAptos Labs was founded by former Meta employees with the goal of building a scalable Layer 1 blockchain, able to reach an audience of. The technology is based on the Diem payments network, which Aptos’s founders worked on while at Meta, the parent company of Facebook.
Glazer, whose family owns a global sports empire including the Tampa Bay Buccaneers NFL team and Manchester United soccer club, says she had taken Shaikh on as a consultant in August 2021 and paid him $35,000 to identify existing blockchains that Swoon Capital or Glazer could acquire and repurpose for her own project.
Glazer says that the deal she and Shaikh had in progress meant the project would progress without venture capital funding, as this type of investment would dilute ownership. They had argued messages between Shaikh and Glazer show he had said much of the talent he was trying to hire for the new company would need to be paid north of $1 million a year, so the amount Glazer was proposing would not be enough.
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